The present invention relates to a thread exchange device, for knitting machines, particularly for multisystem circular and flat knitting machines. More particularly it relates to such a thread exchange device which has a knot unit for knotting a new thread on an old thread during a thread exchange, with thread clamps and cutting elements for the new and old threads, wherein the knot unit includes a winding finger which engages a new thread and lies a close loop, a loop turning lever which introduces the old thread during the thread running as an open loop into the loop, and a clamping hook which extends through the loop and engages the end of the new thread.
Thread exchange devices of the above mentioned general type are known in the art. One such thread exchange device is proposed in the German document DE-OS 3,244,887 corresponding to U.S. Pat. No. 4,691,535. The present invention is a further improvement of the thread exchange device disclosed in this document.